Record exports by S. Korean SMEs, surpassing US$ 105 bil.
Updated: 2021-12-01 07:03:02 KST
South Korea's small-and medium-sized enterprises or SMEs have posted their highest exports.
The Ministry of SMEs and Startups said on Tuesday. that as of Monday, the amount of exports so far this year has surpassed 1-hundred-5.2 billion U.S. dollars.
That means it has topped the previous highest record, set in 2018.
It also represents 18 percent of the total exports reported so far this year.
The total amount of exports by SMEs has increased by 26 percent since 2010, when data was first compiled.
And during those past 11 years, the number of SMEs has also increased by 16.3 percent, amounting to 87-thousand firms now.
"The country's exports are in a favorable condition overall,as the global economy recovers, and companies return to stock-up mode, after they've all emptied out all their stocks. And there's the "Korea effect" too key gift items made in the country are seeing growing demand for Thanksgiving and Christmas."
By item, plastics took up the biggest portion of exports.
Cosmetics were ranked second, making a major leap from 2010, when they were ranked far lower at 62nd.
Semiconductor equipment and medicine and medical supplies were also among the top export items, riding on the back of growing demand for semiconductors and COVID-19 test-kits.
Automobiles also went up largely driven by second-hand cars and electric vehicles.
The most popular export destination was China, which accounts for 20 percent of total exports, followed by the U.S., Vietnam, and Japan.
Germany, was the seventh biggest destination, breaking into the top ten on the back of rising exports of COVID-19 test kits.
The ministry said it will keep the momentum, by expanding its assistance for SMEs entering global markets, and by helping venture companies and small business owners participate in e-commerce.
Lee Kyung-eun, Arirang News.